13 March 2020 THE RECONSTRUCTION PLAN OF THE LARNACA MARINA

Property sales continue to improve

THE NUMBER of property sales in Cyprus during March 2016 increased by 19 per cent compared with March 2015 according to the latest official figures issued by the Department of Lands & Surveys. The 19% increase in March follows a 54% increase in February and a 2% increase in January. Increases have been recorded for the last seven months and it seems that a recovery in the property market may be underway after years of decline and stagnation. March saw a total of 539 contracts for the sale of commercial and residential properties and land (building plots and fields) being deposited at Land Registry offices across the island. Of those 539 contracts, 71% (382) were deposited by domestic (Cypriot) purchasers, while 29% (157) were deposited by overseas (non-Cypriot) purchasers. Although sales fell by 1% in the capital Nicosia, they rose in all the other districts. Sales in Famagusta increased by 94% compared with March 2015, while sales in both Larnaca and Limassol increased by 23%, with sales in Paphos up by 19%.

During the first quarter of 2016 sales have risen 24% to reach 1,367 compared with 1,098 sales during the first quarter of 2015. Domestic property sales Property sales to the domestic (Cypriot) market in March fell 7% compared to March 2015, with sales reaching 382 compared with 411 in March last year. Although sales in Famagusta and Nicosia rose 31% and 1% respectively, they declined in Paphos, Larnaca and Limassol by 31%, 7% and 1% respectively.

Domestic sales during the first quarter of 2016 are up 26% compared with the first quarter of 2015 with sales reaching 1,069 compared to last year’s figure of 848. Overseas property sales In contrast with domestic sales, property sales to the overseas (non-Cypriot) market rose 283% in March compared with March 2014 with 157 properties being sold compared with just 41 in the same period last year. With the exception of sales in the capital Nicosia, where sales declined 17% compared to last year, they rose in all other districts. In percentage terms sales in Famagusta rose 1,100% (increasing from just 1 in March 2015 to 12 in March 2016). Meanwhile sales in Paphos rose 488%, sales in Larnaca rose 414% and sales in Limassol rose 300%. It should be borne in mind that that these increases are from a very low base, but the signs are positive that a recovery in the overseas property market may be under way.

Sales to the overseas property market during the quarter of 2016 are up 19% compared with the first quarter of last year with sales rising to 298 compared to last year’s figure of 250.